مجلة التمويل والاستثمار والتنمية المستدامة
Volume 10, Numéro 1, Pages 196-215
2025-12-29

The Impact Of Economic Value Added (eva) On The Market Price Of Shares Of Companies Listed On The Algerian Stock Exchange Compared To Traditional Indicators (roe And Roa) During The Period (2018-2023)



Authors : Damene Ouahiba .

Abstract

Abstract: This research paper aims to examine the impact of Economic Value Added (EVA) on the market price of shares of companies listed on the Algerian Stock Exchange, compared to traditional indicators such as Return on Equity (ROE) and Return on Assets (ROA), during the period )2018–2023(. To achieve the objectives of the study, the values of each indicator of the financial performance evaluation measures were calculated separately as a first step. In the second step, the SPSS software was used to analyze the data and test the hypotheses. The study concluded with several findings, the most important of which is that the economic value added (EVA) provides the most explanatory power for changes in the shares prices of companies listed on the Algerian Stock Exchange, compared to ROE and ROA. Résumé: Cette étude vise à examiner l'impact de la valeur ajoutée économique (EVA) sur le cours des actions des sociétés cotées à la Bourse algérienne, par rapport aux indicateurs traditionnels tels que le rendement des capitaux propres (ROE) et le rendement des actifs (ROA), au cours de la période (2018-2023). Pour atteindre les objectifs de l'étude, les valeurs de chaque indicateur de performance financière ont été calculées séparément dans un premier temps. Dans un deuxième temps, le logiciel SPSS a été utilisé pour analyser les données et tester les hypothèses. L'étude a abouti à plusieurs conclusions, dont la plus importante est que la valeur ajoutée économique (EVA) offre le meilleur pouvoir explicatif des variations du cours des actions des sociétés cotées à la Bourse algérienne, par rapport au ROE et au ROA.

Keywords

Economic Value Added (EVA) ; Return on Equity (ROE) ; Return on Assets (ROA) ; Economic Companies ; Algerian Stock Exchange

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